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Are you an Executor of an estate? Or has a loved one passed away with a Will?
If so you will need to apply for Probate with the Supreme Court of New South Wales so that you can “administer the estate”. This means you step into the shoes of the deceased call in the assets and distribute them to the beneficiaries as per the Will.
In summary, the process of applying for Probate is:
- Ascertaining the value of assets and liabilities;
- Organising publication of intention to apply for Probate;
- Drawing necessary documentation to apply for Probate;
- Obtaining the grant of Probate;
- Calling in of assets;
- Negotiating with superannuation funds;
- Negotiating with life insurance agencies;
- Organising publication of intention to distribute;
- Distributing the estate; and
- Establishing a trust if required.
To apply for Probate we will file the following documents in the Supreme Court of NSW:
- Summons for Probate
- Inventory of Property
- Affidavit of Executor
- The will (including codicils)
- Death Certificate.
Most Estates will need to be legalised by way of a grant of Probate.
On some rare occasion’s estates can be administered without the need for probate – such as a surviving spouse, or a small estate where the costs of obtaining Probate is prohibitive given the value of the estate. See our Survivorship page for more information if you jointly held assets with the deceased ( hyperlinked).
At your consultation with you lawyer, your lawyer will determine if Probate is required to administer the estate.
If it is determined that the estate requires a grant of Probate to be administered, your lawyer at Amanda Little & Associates will attend to the process of applying for Probate on your behalf which includes dealing with creditors, asset holders, preparing court documents, liquidating assets and administering and distributing the estate.
Obtaining a grant of Probate is set by law and all lawyers charge the same rates, this is why when you are picking a lawyer to work with you through this process you choose someone you are comfortable with and feel supported by.
These are set by a scale which is laid out in the Legal Profession Uniform Law Application Regulation 2015 – schedule 3
These costs are as follows:
Part 1 – Obtaining first time grant or the resealing of probate
|Disclosed value of assets||Costs payable|
|Not exceeding $30,000||$560
Plus $13.33 for each $1,000 up to $30,000
|Exceeding $30,000 but not exceeding $150,000||$960
Plus $5.90 for each $1,000 in excess of $30,000
|Exceeding $150,000 but not exceeding $1,000,000||$1,670
Plus $4.47 for each $1,000 in excess of $150,000
|Exceeding $1,000,000 but not exceeding $3,000,000||$5,470
Plus $1.66 for each $1,000 in excess of $1,000,000
|Exceeding $3,000,000 but not exceeding $5,000,000||$8,800
Plus $1.10 for each $1,000 in excess of $3,000,000
|Exceeding $5,000,000 but not exceeding $10,000,000||$11,000
Plus $0.90 for each $1,000 in excess of $5,000,000
So, for example if an Estate has a value of $500,000 the scale costs would be calculated as follows:
$1670 + (500,000 – 150,000 = $350,000 /1,000 =350 x 4.47) = $3,234.50 + GST
This fee is the cost of obtaining the grant of Probate, the calling in of assets is charged on a pro-rata basis for what action is required for each individual Estate.
At the initial consultation, we will take instructions from you to commence the process of applying for Probate.
Give the experienced lawyers at ALA Law a call to discuss we can assist you with applying for a grant of Probate, or hop over to our “Get Started Now page” to lodge an instant enquiry to start your matter.